Economic Coordination Committee of the Cabinet has directed Petroleum Division to work out options in consultation with OGRA for setting up petroleum products' prices within a week.

The directions were issued at a meeting of the ECC held in Islamabad with Minister for Finance and Revenue Miftah Ismail in the chair.

The Committee also directed the Petroleum Division to submit a proposal within a week to regulate the prices of Kerosene Oil and Light Diesel Oil after consultation with relevant stakeholders.

For the smooth continuity of oil and gas national supply chain and to avoid PSO from being default on international payments, the ECC decided to clear the outstanding payments accumulated during the period of pervious government. It approved an amount of 30 billion rupees as supplementary grant for PSO receivables.

It was also decided in the meeting that Power Division will make immediate payments of the current outstanding amounts of 20 billion rupees by today and 12.8 billion rupees by Thursday.

The ECC also directed Finance Division and FBR to submit proposal for generation of 30 billion rupees through taxes within a week.

On another summary of Petroleum Division on price mechanism of petroleum products, the ECC accepted the proposal to use the average of exchange rate for the relevant period rather than the exchange rate of the last day for the current as well as future price determinations.

Source: Radio Pakistan